Landmark Constr to invest Rs 450 cr

Firm says open to PE funding to support various residential projects

Chennai-based real estate developer Landmark Construction is planning to invest around Rs 450 crore in various residential projects. To support the expansion plan the company said it is also open to raise money from PE players.

Landmark Construction was established in 2000 by T Udaykumar,an engineer by profession.

The company has been a residential player in all segments in apartments and villas from affordable homes to Super luxury ultra premium lifestyle homes.

The recent being Chennai’s first ‘walk in and live’ model villas called “The Grange” on ECR, which was launched in Chennai today.

After announcing the launch of the project Udaykumar, Managing Director, Landmark Construction Pvt. Ltd said these ultra premium villas are located in Palavakkam extending over 45.38 grounds and houses a total of 28 villas.

Each villa is approximately 4800 sq. ft located over three floors and is priced at Rs 12,500 per sqft amounting to Rs 6 crore for each villa.

The project value is around Rs 165 crore and is estimated to be completed in 18 months, with all approvals obtained already.

Landmark Construction has completed 24 projects till date with a total built up area of 5,75,000 sq. ft.

The total built up area of their 14 ongoing projects is 7,50,000 sq. ft. with a customer base of 387. With the current projects signed on board, the customer target base is estimated to grow to 2050 with 13 projects of a total 27,00,000 sq ft area.

On the high-end the company is setting up a project at Poes garden, where an apartment cost Rs 21 crore spread over in 30,000 sq.ft.

Most of our projects are through Joint venture, whereby the land will belong to the partner, so the investments would be on the construction, which is estimated to be around Rs 460 crore by 2015.

"We are open for equity investment, if we get some good opportunity". Besides the projects will be funded through debt and internal accruals.

Their projects are located across the city catering to all segments of Chennaiites, like Mogappair East, Gopalapuram, Korattur, Adyar, Poes Garden, Anna Nagar, Neelankarai, Ashok Nagar, Korattur, KK Nagar, Madipakkam and Palavakkam.

“With 24 completed projects, 14 ongoing projects and 13 projects signed and on board, we clocked a turnover of Rs 200 crore in the last financial year. We foresee a turnover of Rs. 300 crore by the end of this year and our vision is to be a Rs 750 Crore company by 2015,” he added.

The company recently diversified into service apartments by launching its second project at Sholliganalur.